Goldman, Williams, Brixmor, Kommunalbanken price; UniCredit eyes deal; credit spreads flat

By Cristal Cody

Tupelo, Miss., May 31 – Goldman Sachs Group Inc. led the pricing action in the high-grade bond market on Wednesday with a $5 billion three-part offering of notes.

Also in the primary market, Williams Partners LP priced $1.45 billion of 10-year senior notes.

Brixmor Operating Partnership LP sold $500 million of seven-year senior notes.

In other investment-grade issuance, Kommunalbanken AS placed an upsized $400 million reopening of its senior floating-rate notes due March 17, 2020.

In other activity, details emerged for a roadshow planned by UniCredit SpA for a Rule 144A/Regulation S offering of dollar notes.

The Markit CDX North American Investment Grade index was stable at a spread of 62 basis points.

Goldman sells $5 billion

Goldman Sachs Group priced $5 billion of senior global notes (A3/A/) in three tranches on Wednesday, according to a market source.

Goldman Sachs sold $750 million of six-year floating-rate notes at Libor plus 105 bps.

The company priced $1.75 billion of 2.908% fixed-to-floating-rate notes due June 5, 2023 at a spread of 115 bps over Treasuries.

Goldman Sachs also sold $2.5 billion of 3.691% 11-year fixed-to-floating-rate notes at a Treasuries plus 148 bps spread.

Goldman, Sachs & Co. was the bookrunner.

Goldman Sachs Group is a New York-based banking, securities and investment management company.

Williams brings $1.45 billion

Williams Partners priced $1.45 billion of 3.75% 10-year senior notes (Baa3/BBB/BBB-) during the session at a spread of 155 bps over Treasuries, according to a market source.

The notes were talked to price in the Treasuries plus 155 bps area, plus or minus 2 bps.

BofA Merrill Lynch, Deutsche Bank Securities Inc. and RBC Capital Markets, LLC were the bookrunners.

Proceeds will be used for general partnership purposes, including to repay $1.4 billion of 4.875% senior notes due 2023 or other outstanding debt, according to a 424B5 filed with the Securities and Exchange Commission.

Williams Partners is an energy infrastructure master limited partnership based in Tulsa, Okla.

Kommunalbanken reopens

Kommunalbanken (Aaa/AAA/) priced an upsized $400 million reopening of its senior floating-rate notes due March 17, 2020 on Wednesday to yield Libor plus 3 bps, according to a market source.

The notes were initially talked to price in a $250 million offering in the Libor plus 4 bps area.

BofA Merrill Lynch, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. were the lead managers.

Kommunalbanken originally sold $500 million of the notes on March 10, 2015 at par to yield Libor plus 7 bps. The total outstanding is $1.55 billion.

The government-funded lender to municipalities is based in Oslo.

Brixmor places notes

Brixmor Operating Partnership sold $500 million of 3.65% seven-year senior notes at 99.576 to yield 3.719%, according to an FWP filing with the SEC.

The notes (Baa3/BBB-/BBB-) priced with a spread of 170 bps over Treasuries.

BofA Merrill Lynch, Wells Fargo Securities LLC, BMO, Jefferies LLC, U.S. Bancorp Investments Inc., Barclays, Mizuho Securities USA LLC, RBC and Scotia were the bookrunners.

Proceeds will be used to repay outstanding debt under the company’s $1.25 billion revolving credit facility and for general corporate purposes.

New York City-based Brixmor is the operating partnership through which Brixmor Property Group Inc. operates and holds real estate assets.

UniCredit mulls deal

UniCredit (Baa1/BBB-/) intends to hold roadshows in the United States, Canada and Asia beginning Monday for a Rule 144A/Regulation S offering of dollar-denominated subordinated notes, according to a market source.

BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC, J.P. Morgan Securities LLC, Societe Generale CIB and UniCredit Capital Markets LLC are arranging the investor meetings.

UniCredit is a banking and financial services company based in Milan.

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